By Paul A. Harris
St. Louis, April 3 - Altra Industrial Motion Inc. priced a $106.05 million proceeds add-on to its 9% senior notes due Dec. 1, 2011 (B2/CCC+) at 101 on Tuesday, according to an informed source.
The premium issue price, which came at the tight end of the 100.5 to 101 price talk, results in a yield-to-worst call of 8.668%.
Jefferies & Co. ran the books for the Rule 144A and Regulation S with registration rights issue, which had a face amount of $105 million.
The proceeds, along with proceeds from the recent initial public offering and a portion of the company's revolving credit facility, will be used to fund the acquisition of power transmission manufacturer TB Woods Corp.
Altra is a Quincy, Mass.-based electromechanical power transmission products company.
| Issuer: | Altra Industrial Motion, Inc.
|
| Face amount: | $105 million
|
| Proceeds: | $106.05 million
|
| Maturity: | Dec. 1, 2011
|
| Security description: | Add-on to senior secured notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 9%
|
| Price: | 101
|
| Yield-to-worst call: | 8.668%
|
| Spread: | 413 bps
|
| Call features: | Callable on Dec. 1, 2008 at 104.50, 102.25, par or after Dec. 1, 2010
|
| Equity clawback: | Until Dec. 1, 2007 for 35% at 109
|
| Change of control: | 101
|
| Trade date: | April 3
|
| Settlement date: | April 5, with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 100.5 to 101
|
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